Overstock Pays Taxes In Bitcoin
According to news reports, Overtstock has become the first U.S major company to pay part of its state taxes using cryptocurrencies.
The crypto-friendly company will be paying part of its business taxes to the state of Ohio using Bitcoin.
The company will be using the state’s Ohiocrypto.com to pay for its taxes.
Last November, the state of Ohio launched a payment portal that enables tax payers to pay their taxes using cryptocurrencies.
Payments can be made via Bitpays payment services.
Patrick Byrne the CEO and founder of Overstock says that forward thinking states like Ohio will ensure that the U.S. will not be left behind in terms of Finance Tech innovation.
Overstock will pay its commercial activities tax (CAT) using Bitcoin.
Ohio Treasurer Josh Mandel reveals that the government’s office is excited to see companies like Overstock embracing their recently launched cryptocurrency payment services adding that their embrace to blockchain technology was ahead of its time.
2019 To Be An Eventful Year For Cryptocurrency
It has been reported that Fred Wilson, a New York City-based venture capitalist and Managing Partner at Union Square Venture speculates that 2019 will be an eventful year.
He speculates that it will mark the end of the crypto bear market and the fulfillment of some of the 2017’s crypto promises.
Citing geopolitical and economic factors he predicts general volatility in the world.
He posits that four significant events will mark year 2019.
First is the possible impeachment of President Trump due to his illegal exploits as a result of Robert Mueller’s investigation.
This will significantly affect the capital markets of the U.S.
Second will be the slowing down of leading traditional markets.
Wilson expects the S&P 500 Stock Index will continue to decline.
Third is the impending exit of Great Britain to from the European Union.
Lastly is the slowing economic growth of China.
Despite the general macro background Wilson still sees 2019 as a reversal year for cryptocurrencies.
He claimed that the bottom has not been seen yet and finding the crypto bottom might play out for much of the year.
According to him the next bull market will realize much of the crypto promise of 2017.
His top pics for 2019 are stablecoins, NFT/cryptoassets/cryptogaming and earn/spending opportunities particularly in the developing economies.
New All-time-High In 2019 Predicted By Weiss Rating
According to international rating agency in Weiss Rating, 2019 will see an increase in adoption of Bitcoin.
The firm expects that more people will consider the top-ranked cryptocurrency as a store of value and firmly establish itself as the digital version of gold.
Just last month, December 2018, the Weiss Rating agency declares that the Bitcoin prices have reached such a low enough level for investors to load up on the digital asset.
The firm’s forecast report suggested that BTC price may reach a new all-time high (ATH) in 2019.
The company draws its prediction from the apparent cyclical nature of Bitcoin price action.
The company’s prediction for Altcoins is a mixed bag of fortune with some rising to prominence while others might just fade away.
Notable of these Altcoins is Ripple (XRP) which has been able to corner much of crypto-related global payments ecosystem.
Ripple spend most of 2018 expanding its network with partnerships with traditional financial institutions.
For a brief period XRP overtook Ethereum as the second largest crypto.
Bitcoin ATM Manufacturer Moves To Switzerland
A Bitcoin automated teller machine manufacturer has been reported to move its headquarters to Switzerland in the hope that the new jurisdiction will be friendlier to crypto-related businesses.
The main reason for the move is the apparent regulatory difficulties it has been experiencing in other countries which it shared through its blog-post dated January 1, 2019.
The company will now be called Lamassu Industries AG and will now be headquartered in Swiss canton of Lucerne.
The company revealed that 15 banks have rejected their account to open accounts due to the fact that they are producing terminals for Bitcoin.
Furthermore the company was rejected by payment processor Stripe for having the word Bitcoin on their website.
It is not the first time a crypto-related business has closed shop and move to crypto-friendlier territories just to continue their business.
Switzerland has been one of the top destinations of these companies due to its very crypto-friendly environment particularly in Zug which many describe as the crypto valley.
It has become the fastest-growing tech community in Europe.
Research Shows 80% Of Crypto Investors Still Net-Invested In Bitcoin
New research revealed by DailyFX shows that investors are beginning to take more interest in Bitcoin and other crypto-related investments.
According to their research, investors interest in Bitcoin was at its highest in November 2018.
The study shows that Bitcoin (BTC) investors remain net-invested in Bitcoin despite it losing over 70% of its value during 2018 bear market.
DailyFX’s research analyst, Fan XU, explains that despite the seemingly positive outlook for Bitcoin data suggest that Bitcoin price will unlikely to recover soon.
He states that traders are further net-long than yesterday and last week, and the combination of currency sentiment and recent changes gives a stronger bitcoin-bearish contrarian trading bias.
Other pundits like Tony Vay, a former Wall Street trader and prominent crypto commentator, revealed that Bitcoin might now have reached its bottom yet.
He thinks that Bitcoin has around 40% chance of bottoming out at around $1,000 to $2,000 and 10% chance would go below $1,000.
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